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What the "Brexit" Means for the Fashion Industry

In the early morning of June 23, British voters decided, in a 52
percent to 48 percent split, to leave the European Union.

The largest economy in the now 27-country bloc, the
referendum on EU membership has been closely monitored by international
financial markets.

The European stocks took a dramatic dip following the
announcement. The pound fell to a 30-year low as the FTSE 100 dropped as much
as 8 percent, making the UK poorer than France in the face of a global
economy that is still in the early years of recovery from the 2008 recession.

Home to fashion houses such as Burberry, Stella McCartney and Alexander McQueen, the fashion industry contributed an estimated $38 billion of the UK’s
economy in 2014.

The EU is the UK’s largest trading partner, accounting for
45 percent of exports and 53 percent of imports. Because of this, 90 percent of
the 290 designers recently surveyed by the British Fashion Council were pro-EU. Notable supporters of the “stay in” movement included Christopher
Bailey and Vivienne Westwood.

Luxury brands are expected to take the biggest hit in
this uncharted economic territory, as they will now be forced to moderate costs
to appeal to global GDP prospects.

Michelle Emmerson, Chief Executive of Walpole, expects
possible short-term trade benefits from the lessened value of the pound, but
noted in an interview with Business of
Fashion that is it “vital that we retain access to the European Market and
we urge the government to keep the luxury industry… in mind throughout
renegotiations.”

Beyond market volatility, the identity of European fashion
is expected to shift as a result of the UK's exit. Cross-country influence and
mobility are cornerstones of the European fashion industry, and how this
structure will be affected in the long term is uncertain. Potential damages
could include university options and job prospects to those Britons looking to
move to the EU, and vice versa.

Few specifics of the exit have been decided, as UK Prime
Minister David Cameron announced his October resignation following the
vote, prompting Article 50 to be carried out by his successor.

While the process is estimated to take anywhere from two
year to decades to complete, the union that was created to prevent a World War
III is already having a splintering effect around the globe.

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